Golden Rule Insurance Withdrew funds of $359.96 from checking without authorization before insuring Indinapoliss Indiana

I have been negotiating purchases professionally for 40 years for real estate, boats and vehicles. Never would I take an offer to purchase without a deposit. In order for an insurance company to issue a policy that is valid, they must have good funds on hand. Insurance is a uni-lateral contract. You cannot counter the offer. This means that they make you an offer, via their quote, to insure you, based on your medical history. You agree to accept their offer by submitting a signed application along with the first month's premium. By the way, the insurance industry is heavily regulated by both state and Federal government.

Anyone with a beef against an agent or company has only to contact their state insurance commissioner. Your agent may be working for a 'boiler room' but they still have to answer to our government. It seems like the source of this complaint wasn't aware that by signing his name and giving banking information meant he was actually doing business. I don't see a rip-off here. State law provides for a minimum 10 day free-look period. If you don't want the policy, they will cancel and refund all money right away.

By the way, research Golden Rule and United Healthcare and you will find that they are both upstanding companies. Most angry comsumers are typically those who made purchases without doing any research on the industry. "Caveat Emptor"-Let the buyer beware

Back in April, I applied for Golden Rule and gave them all the info, for my policy to begin June 30. Early in June, I received a letter that my application is pending review, but they will still be deducting the first premium on June 26, and will get a refund if they either deny me, or if I decide not to accept their policy. I then received another letter that my insurance was accepted and I would be receiving my policy soon. I would have so many days to not accept their policy. I then received the policy, it looked OK, and I have now had them for 6 months. I have called them with lots of questions about my policy, and they have always been very helpful.

I have taken my infant to the doctor numerous times, the doctor accepted the insurance, and everything is fine so I don't think they are a "boiler room" operation. I have also received the Explanation of Benefits paper they send out with the info about how much they paid the doctor and they did pay the doctor.

With all the letters I got from them, I'm surprised you didn't get any. Maybe there was a typo on your address. Or maybe you accidentally requested a start date of 12/01 as a previous poster suggested. Have you been calling the agent who underwrote the police, or have you been calling Golden Rule directly? Their number is 317-297-4189.

Having worked in the insurance industry for a number of years (10+)maybe I can help clarify what appears to have happened:

Based on your report, it sounds like you asked for a quote for coverage with an effective date of 12/01/2006, In most cases, individual and group health insurance policies are sold as "Pre-Paid" health insurance, meaning that the payment is due prior to the effective date. Hen you start a new policy, typically the insurer will ask for what is known as a "binder" check, this allows them to write (underwrite) your policy thus insuring you, after which, you should expect the premiums to be due prior to the 1st of the following month, example:

1) Effective Date of policy = 12/01/2006
2) Binder check XXX.XX is payable prior to the issue of the policy
3) Next Premium Due 01/01/2007 for period of 01/01/2007 to 01/31/2007

typically there is a grace period for all remaining due dates for the policy, this will vary for each company but are usually 10-30 days, however, this grace period does not apply to the initial premium.

Also, in order for them to withdraw the funds, you would have had to supplied your banking information which should have disclosed when the fees would be deducted from your account, you should review this ocument as it may contain the payment schedule for the policy.

Hope this helps a little

in order for an insurance co. to do underwritting, they must cash a check to make the application a binding contract. the funds are held and are fully refundable if declined for insurance or after the free look period.

I don't think he should have given them anything. I certainly have never head to give any money up front for my auto insurances, my businesses, or any medical insurance. Former employers have never had to do it either. The agents practically have to beg to get you as a client.
It's a scam plain and simple. No one has to beg for their money back because some alleged "company" can not allegedly get them coverage. This "company" has failed to do it's job and the consumer deserves a refund-he is not suppose to have to beg to get it back.
Real agents get you quotes and present the policies at NO FEE. That's the real world.

You think they're going to do a 2-4 week medical background check without a commitment that you are seriously interested in that policy? So they do 3 weeks of paperwork review and you tell them forget it? So whats the ripoff? You get your money back if they reject you which they should since you seem rather unstable mentally. Did you lie on the application and not disclose your true medical history? You seem to be in a huge rush for some reason. Furthermore, Golden Rule clearly states in the application when the estimated in effect date would start for the policy. I guess Johnny thinks you give them money and they immediately cover you without review.

who they may be affiliated with or what ever hard assets they may have to form a facade does not belie how they may have gotten said hard assets.

You can put a crocodile in a tuxedo-it's still gonna bite ya.

There is no reason for a "legit" company to take money up front for a quote on an insurance policy. Even the first defender stated that the OP was not approved yet. Your excuses a lame at best.

who they may be affiliated with or what ever hard assets they may have to form a facade does not belie how they may have gotten said hard assets.

You can put a crocodile in a tuxedo-it's still gonna bite ya.

There is no reason for a "legit" company to take money up front for a quote on an insurance policy. Even the first defender stated that the OP was not approved yet. Your excuses a lame at best.

who they may be affiliated with or what ever hard assets they may have to form a facade does not belie how they may have gotten said hard assets.

You can put a crocodile in a tuxedo-it's still gonna bite ya.

There is no reason for a "legit" company to take money up front for a quote on an insurance policy. Even the first defender stated that the OP was not approved yet. Your excuses a lame at best.

who they may be affiliated with or what ever hard assets they may have to form a facade does not belie how they may have gotten said hard assets.

You can put a crocodile in a tuxedo-it's still gonna bite ya.

There is no reason for a "legit" company to take money up front for a quote on an insurance policy. Even the first defender stated that the OP was not approved yet. Your excuses a lame at best.

is owned by United Helathcare -- a huge company. The Golden Rule building is huge, and the company has a good reputation locally -- they are hardly "boiler room brokers." I think you jumped the gun.

No valid insurance company requests money "up front" in order to tell you whether or not you will be accepted. While the orignal poster's money is floating around, he could actually get a policy somewhere else.

there is absolutely no reason to take any funds from them.
Especially if this statement is true:
"Golden rule is United Healthcare who isures 40 million people"

The company should have more than enough funds to be able to manage their company without stealing from people who are not clients. You build a client base by diligent research and presenting a reasonable rate and policy. Your thievery prevents you from even doing real research.

No insurance company or broker has ever asked me for one dime while researching a policy nor has charged a fee for doing so.

They take the first months payment prior to reviewing your policy. If your not accepted, you get a full refund of that payment. Golden rule is United Healthcare who isures 40 million people, hardly a boiler room. You can get a bridge policy for 30 days from a rep or at least you used to. Maybe not now with people trying to get that policy just when they're about to enter a hospital.